Question – Is it true what I read in the press that it is really hard to get on the property ladder? Can you confirm what deposit I would need?
It’s harder than it used to be due to property prices increasing over the years. Unfortunately wages haven’t increased at the same rate however, it is not as difficult to get on the property ladder as some of the press will have you believe.
Starting with the minimum deposit required, there are now lots of options where the deposit can be as little as 5% of the purchase price. Rates for these options start at 2.49% which is much lower than before.
There are also options available with no deposit so 100% mortgages. These options will require some assistance from a family member. They would need to be prepared to have a charge lodged against their own property or put some of their savings into an interest baring account with the mortgage lender.
For the savings account option the family member will earn 2% interest so better than most savings accounts out there. They will be able to draw their money back after 3 years as long as the mortgage payments have been maintained.
It is possible to borrow as much as 5.5 x single or joint income depending on personal circumstances. If you can’t afford to buy on your own then you could consider buying with a friend or family member.
For further information contact one of the experienced and friendly mortgage advisers at Mortgage Style on 01275 370360 or e-mail: firstname.lastname@example.org
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Categorised in: FAQs
This post was written by Marcus Robinson